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prices. the marginal barrel of production is controlled by the opec cartel, meets twice a year to establish quotas in order to keep prices at an acceptable level for the opec exporters. the national oil companies of opec and other countries around the world hold the vast majority of oil reserves. they produced only about 40% of the world petroleum every day. there's a chart that shows this graphically. if there is ever an example of a market that is not free, it is that. nobody acts in that matter in a purely free-market. if opec were doing what it does abroad in this country, it would be a crime and in violation of our antitrust laws. the prescription that the council, but several years ago which was very impact will in the energy security independence act of 2007, was it, was based on our port of 2007, which said that the united states should maximize its oil and gas production, that it should significantly reduce consumption and improve conservation, which led to the direct support for the reinstitution of fuel efficiency standards, which has not been done for 20 years. and
.13 trillion of our debt. now, this is interesting. out of this debt number three on the list is opec. opec is an entity. that's the countries of ecuador and venezuela and india and bahrain and iran and iraq and kuwait and amman and qatar and saudi arabia and the u.a.e., algeria, ga been a, -- gabon, nigeria. they're now number three on the list and they own $267 billion of our debt. brazil comes in at number four, $250.5 billion. and then number five on the list, new to the list, the top five list, the caribbean banking centers. now own $240.4 billion of u.s. debt. by the way, caribbean banking centers are the bahamas, bermuda, cayman islands, netherlands and panama. this is who owns us. this is who owns our debt. and this is why on this side of the aisle, what we continue to say is the spending has to be dealt with. we have seen -- we've heard from everybody. we are hearing from economists all around the globe. and they repeatedly say what we are saying, what we've been saying for years as week of come to this floor. is that we have a spending problem. the spending has to be dealt with. w
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